Cyprus Gaming Sector Sees 6% GGR Growth in 2023

The Cypriot gaming sector concluded 2023 with impressive results, registering a 6% surge in Gross Gaming Revenue (GGR) throughout the year.

The final quarter of 2023 witnessed particularly robust activity. The Cyprus National Betting Authority published statistics for both physical and internet-based gambling, with the latter generating slightly over €19 million (roughly $20.2 million) in Q4. Brick-and-mortar casinos followed closely, producing €14.8 million. This collective €30.9 million signifies a 9% leap compared to the corresponding period in 2022.

Spanning the entirety of 2023, GGR reached €12.34 billion. Although land-based income experienced a minor decline, the digital realm thrived with a 12% rise, attaining €6.89 billion. In aggregate, online gaming constituted the predominant portion of total earnings, surpassing €79.91 billion.

In related gaming developments, the Danish gambling regulatory body, Spillemyndigheden, disclosed its own market statistics…

The Danish gaming industry experienced a decline in 2023, as total earnings fell by seven percent year-on-year.

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Piper "Phoenix" Guthrie

Holding a Bachelor's degree in Mathematics and a Master's in Journalism, this skilled author has a passion for using mathematical concepts and investigative reporting techniques to uncover the hidden stories and patterns behind the casino industry. They have expertise in data journalism, financial mathematics, and investigative journalism, which they apply to the analysis of the financial and social impact of gambling and the development of strategies to promote transparency and accountability in casino operations. Their articles and reviews provide readers with an investigative perspective on the casino industry and the strategies used to expose and address issues of corruption, exploitation, and inequality.

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